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◆ Strong outcome despite French risk concerns ◆ Participation from a 'who's who' of sterling real money ◆ Sterling market stronger than euros
◆ CFF tightened spread by 6bp ◆ CFF and Hypo Vorarlberg Bank paid small concessions ◆ NN Bank attracted largest order book of the day
Despite the boost in demand, overall unsecured supply still lags behind 2025, with the bulk of recent supply coming in covered bonds
Data
Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
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Senior and covered bond plans were flowing into the deal pipeline on Monday, with issuers keen to buck the softer tone and print before the start of the summer break. -
Market participants think spreads on HSBC’s French covered bonds will "meet in the middle" with those of the lower rated My Money Bank, as the former gets ready to sell its operations to the latter.
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The European Central Bank will allow banks to exclude central bank exposures from their leverage ratios for longer than originally planned, sparking a debate over whether the relief measure could become a more permanent feature of EU banking policy.
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Crédit Agricole has phased out Libor for Sonia on some of its outstanding sterling additional tier one (AT1) paper, following the successful completion of an exchange offer that allowed investors to swap old paper for new notes with a modified back-end.
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ANZ plans further diversification of its total loss-absorbing capacity (TLAC) eligible debt following the issuance of the first sterling tier two from an Aussie bank in over 13 years, with other niche markets in the bank’s crosshairs. However, sub debt is not the only thing on the bank’s menu, as it anticipates a return to senior funding later this year.
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A pair of globally systematically important banks (G-SIBs) made rare visits to niche bond markets to raise senior debt at a group level this week, including a Canadian dollar market that is enjoying its busiest year for offshore financials since 2007.
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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